foreword ) s I write this, the U.S. stock market is bouncing around from its low of the year, having lost 40 or 50 percent of its value, depending on which minute you look at it. That problem wouldn't be so remarkable if it were not occurring at a point in our history when more than half of the American population is connected to the stock and bond markets through savings plans or direct investments and when financial institutions are being held together by governmental baling wire and carmakers are teetering on bankruptcy and homes are declining in value and the current generation of retiring Americans has proved to be among the most profligate borrowers and worst savers in history. Like the USSR in the 1980s, we appear to be taking an unexpected turn toward a different sort of government and economy. Despite this congeries of problems, what is happening now is hardly unique. In the history of the United States, there has been no single period above fifteen years that has been free of severe recession, panic, depression or major war, all of which have been connected to some larger array of persistent problems and many of
The Missouri Review – University of Missouri
Published: Jan 14, 2009
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